A. FIRM DESCRIPTION Boston Research and Management, Inc. (hereafter “BRM”, the “Firm”, “we”, “us”, “our”) is an independent investment adviser registered with the Securities and Exchange Commission (“SEC”) and incorporated in the Commonwealth of Massachusetts. Raymond J. Stecker, Jr., President and CEO, founded BRM in 1991 and is the majority owner. BRM provides investment advisory services for individuals, high net-worth individuals, trusts, estates, retirement plans, charitable organizations and other business entities. We serve as a fiduciary to our clients, as defined under applicable laws and regulations. As a fiduciary, we uphold a duty of loyalty, fairness and good faith towards each client and seek to mitigate potential conflicts of interest. Since our inception, we have been committed to always acting in our clients’ best interests.
• We do not sell products or accept commissions or referral fees from any source.
• We are not affiliated with any other financial institutions, thus, our research and investment process is independent and unbiased.
• We provide a high level of transparency where our clients always have direct access to the decision makers overseeing their assets. We do not believe our clients are well served by short-term performance contests. Our approach focuses on disciplined thinking, consistently applying a sound investment process, and a willingness to stand apart from the crowd. We operate as a cohesive team and maintain direct relationships with all our clients, working closely with them to align their finances with their goals and values. B. ADVISORY SERVICES INVESTMENT MANAGEMENT BRM provides customized investment management solutions for our clients. Our goal is to both protect and prudently grow our clients’ assets through intelligent portfolio construction, subject to each client’s financial situation, risk profile and investment guidelines. Through initial and ongoing discussions with our clients, we create and manage portfolios based on their personal investment objectives and risk tolerance. Portfolios are monitored on an ongoing basis so that we can make adjustments as required by changes in market conditions and in our clients’ financial circumstances. When constructing client portfolios, we use mainly individual stocks and bonds, exchange traded funds (“ETFs”), low-cost mutual funds and certificates of deposit. We may also use other types of investments that we feel are appropriate based on the client’s stated objectives and risk tolerance. Additionally, we may provide advice on existing investments clients hold at the inception of the advisory relationship. Prior to engaging BRM, each client is required to enter into one or more advisory agreements with BRM that define the terms, conditions, authority and responsibilities of both BRM and the client. These services include:
• Establishing an Investment Strategy: BRM, in connection with the client, will develop an investment strategy that seeks to achieve the client’s investment goals and objectives.
• Asset Allocation: BRM will develop a strategic asset allocation that is targeted to meet the investment objectives, time horizon, financial situation and risk tolerance for each client. Boston Research and Management, Inc. 5
• Portfolio Construction: BRM will develop a portfolio for the client that is intended to meet the client’s stated goals and objectives.
• Investment Management and Supervision: BRM will provide investment management and ongoing oversight of the client’s investment portfolio. FINANCIAL PLANNING We view the holistic wealth planning process as a very important factor in achieving long-term financial success for our clients and offer financial planning services upon request. To the extent requested by the client, BRM shall generally provide consulting services regarding non-investment related matters, such as estate planning, retirement planning, tax planning, education savings, insurance needs, and other areas of a client’s financial situation. We do not charge a separate fee for financial planning. A financial consultation will usually include general recommendations for a course of activity or specific actions to be taken by the client. BRM will work with clients, to the extent desired, to implement these recommendations. Please note, such recommendations may pose a potential conflict between the interests of BRM and those of the client. For example, a recommendation to increase the level of investment assets with BRM would pose a conflict as it would increase the advisory fees paid to BRM. The client retains absolute discretion over all implementation decisions and is free to accept or reject any recommendation from BRM. Neither BRM, nor any of its representatives, serves as an accountant, attorney or insurance agent, and no portion of BRM’s services should be construed as same. BRM may, to the extent requested by the client, recommend the services of unaffiliated professionals, such as accountants, attorneys or insurance agents, for certain non- investment implementation purposes. The client is under no obligation to engage the services of any such recommended professional. Please note, if the client engages any such recommended professional, and a dispute arises thereafter relative to such engagement, the client agrees to seek recourse exclusively from and against the engaged professional. In performing its investment management and financial planning services, BRM shall not be required to verify any information received from the client, or from the client’s other professionals, and is expressly

authorized to rely thereon. Moreover, clients are advised that it remains their responsibility to promptly notify BRM if there are ever any changes in their financial situation or investment objectives for the purpose of reviewing/evaluating/revising BRM’s previous recommendations and/or services. RETIREMENT PLAN ADVISORY SERVICES BRM may provide advisory services on behalf of company retirement plans (each a “Plan”) and the company/sponsor (the “Plan Sponsor”). These services are designed to assist the Plan Sponsor in meeting its fiduciary obligations to the Plan and Plan Participants. Each engagement is customized to the needs of the Plan and Plan Sponsor. Services generally include: plan participant enrollment and education, investment due diligence and oversight, investment management, performance reporting, ongoing investment recommendations and ERISA 404(c) assistance. The services provided will be non-discretionary and advisory in nature. The ultimate decision to act on behalf of the Plan shall remain with the Plan Sponsor or other named fiduciary. These services are provided by BRM serving in the capacity as a fiduciary under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). In accordance with ERISA Section 408(b)(2), the Plan Sponsor is provided with a written description of BRM’s fiduciary status, the specific services to be rendered and all direct and indirect compensation BRM reasonably expects under the engagement. BRM only charges an advisory fee for investment advisory services of assets managed and does not receive any sort of commissions, if they were to apply. Boston Research and Management, Inc. 6 For pension, profit sharing and 401(k) plan clients where participants exercise control over assets in their own individual accounts, BRM will provide general investment education designed for the plan participants. The educational support will not provide plan participants with individualized, tailored investment advice or asset allocation recommendations. If an individual determines that he/she would like BRM’s assistance, BRM shall charge a separate and additional advisory fee for its ongoing advisory services. The individual will not incur this fee if he/she determines to continue to self-direct his/her account. As a result, any recommendation by BRM that a client engage BRM to manage his/her retirement account presents a conflict of interest since BRM shall derive an economic benefit from such engagement. RETIREMENT PLAN ROLLOVERS BRM may recommend that a client withdraw assets from an employer’s (or former employer’s) retirement plan and roll those assets over into an IRA to be managed by BRM. This recommendation presents a conflict of interest as BRM would then be entitled to collect an advisory fee on those assets. The client should note that certain low-expense investment options may be available through an employer’s (or former employer’s) retirement plan that may not be available to an IRA. There may also be advantages to maintaining assets with an employer’s (or former employer’s) retirement plan. The client should speak with BRM, as well as an accountant and/or tax attorney, regarding the advantages and disadvantages of rolling over retirement assets into an IRA prior to making an investment decision. ACKNOWLEDGEMENT OF FIDUCIARY STATUS When we provide investment advice to you regarding your retirement plan account or individual retirement account (“IRA”), including whether to maintain investments and/or proceeds in the retirement plan account, roll over such investments/proceeds from the retirement plan account to an IRA or make a distribution from the retirement plan account, we acknowledge that we are fiduciaries within the meaning of Title I of the Employee Retirement Income Security Act and/or the Internal Revenue Code, as applicable, which are laws governing retirement accounts. The way we make money creates some conflicts with your interests, so we operate under a special rule that requires us to act in your best interest and not put our interest ahead of yours. Under this special rule’s provisions, we must:
• Meet a professional standard of care when making investment recommendations (give prudent advice);
• Never put our financial interests ahead of yours when making recommendations (give loyal advice);
• Avoid misleading statements about conflicts of interest, fees and investments;
• Follow policies and procedures designed to ensure that we give advice that is in your best interest;
• Charge no more than is reasonable for our services; and
• Give you basic information about conflicts of interest. C. TAILORED ADVISORY SERVICES BRM’s investment advisory services are tailored to meet the specific needs of each client. From the start of the relationship, BRM works with each client to obtain information regarding their financial circumstances, investment objectives, risk profile, income and tax status, personal and business assets and overall financial condition. It is critical that clients provide accurate and complete information and inform BRM anytime there is change in their financial circumstances, investment objectives or risk profile. Clients may, at any time, place reasonable restrictions on the securities or types of securities which will be purchased on their behalf. D. WRAP FEE PROGRAMS We do not participate in any wrap fee programs. Investment advisory services are provided directly by BRM. Boston Research and Management, Inc. 7 E. ASSETS UNDER MANAGEMENT As of December 31, 2023, BRM manages $582,073,860 in client assets on a discretionary basis and $11,672,729 on a non-discretionary basis.